Conversion Right Triggered on Hertz's Convertible Senior Notes

PARK RIDGE, N.J. - Jan. 2, 2013 // PRNewswire // - Hertz Global Holdings, Inc. (the "Company") (NYSE: HTZ) today announced that the Company's $474,733,000 aggregate principal amount outstanding of 5.25% Convertible Senior Notes Due 2014 (the "Notes") will continue to be convertible by holders of the Notes. This conversion right has been triggered because the Company's closing common stock price per share exceeded $10.77 for at least 20 trading days during the 30 consecutive trading day period ending on December 31, 2012. Based on this triggering event, the Notes will be convertible until March 31, 2013.

If conversion requests are received, the settlement of the Notes will be paid pursuant to the terms of the Indenture. The Company's policy has been, and continues to be, to settle conversions of the Notes using a combination of cash and shares of the Company's common stock, with the cash portion being paid with a fixed dollar amount equal to $1,000 per $1,000 in principal amount of the Notes (assuming the conversion value is at least equal to the principal amount of the Notes).

Wells Fargo Bank, National Association, is the Trustee for the holders of the Notes and Conversion Agent under the Indenture. All questions relating to the mechanics of the conversion for the Notes should be directed to Martin Reed at Wells Fargo Bank, National Association, telephone number 212.515.5244 and address 45 Broadway, 14th Floor, New York, NY 10006.

This press release is only a summary of certain provisions of the Notes and the Indenture, dated as of May 27, 2009 (the "Indenture"), by and between the Company and Wells Fargo Bank, National Association. A complete explanation of the conversion rights of holders of the Notes, as well as the procedures required to convert Notes, is set forth in the Indenture. All holders are urged to review the conversion provisions contained in the Notes and the Indenture in their entirety.

SOURCE Hertz Global Holdings, Inc.

Contacts:

Investor Relations:
Leslie Hunziker
+1-201-307-2100
investorrelations@hertz.com

Media:
Richard Broome
+1-201-307-2486
rbroome@hertz.com

###

Share this Story:

Reader Reactions:

comments powered by Disqus

Franchise News Room »


News By Industry »


Featured Opportunities

Lice Clinics of America
Parents are desperate for a fast and effective solution. Until now, the only options were pesticide-based products that require hours upon hours of...
The Dapper Doughnut
Hot mini donuts are taking the food industry by storm wherever they’re served and the gourmet dessert sector is booming. There is a growing...
WineStyles Tasting Station
Turn your passion for wine, craft beer and gourmet food into a rewarding business opportunity. WineStyles Tasting Station is the largest wine...
Minuteman Press International
Minuteman Press has been the leader in the printing & graphics industry for over 40 years. Rated #1 by Entrepreneur Magazine 25 times, we have...
Liberty Tax Service
The fastest-growing income tax preparation franchise in North America.

Subscribe to Franchising.com Express

A Franchise Update Media Production
Franchise Update Media | P.O. Box 20547 // San Jose, CA 95160 // PH. (408) 402-5681
Copyright © 2001 - 2017. All Rights Reserved.

In Loving Memory Of Timothy Gardner (1987-2014)